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How much home you can really buy with $300,000? A comparison of real estate markets

If you want to buy a bigger home, you may want to look at the heartland over the Northeast and West Coast, according to new research from GOBankingRates.
When it comes to buying a home, $300,000 will go further in some states than others.

When it comes to buying a home, $300,000 will go further in some states than others.

Personal finance website GOBankingRates used real estate website Zillow's home price index to determine just how far that much money can go.

Some of the results — which peg the Northeast and West Coast as high cost and the heartland as more affordable — may not come as a shock, according to Cameron Huddleston, life and money columnist for GOBankingRates.

"What is a surprise is how much you're going to pay," Huddleston said.

That goes particularly when you compare the most expensive and least expensive areas. In West Virginia, the cheapest state, you can buy five times the square footage compared with Washington, D.C., the most expensive location.

10 states where $300K buys the least

Rank and state

Median list price per sq. ft.

Total sq. ft. for $300K

1. Dist. of Columbia

$516.40

581

2. Hawaii

$510.29

588

3. California

$298.95

1,004

4. Massachusetts

$240.81

1,246

5. Colorado

$227.93

1,316

6. Washington

$203.38

1,475

7. Oregon

$203.04

1,478

8. Rhode Island

$195.24

1,537

9. Montana

$183.28

1,637

10. New York

$182.20

1,647

Source: GOBankingRates

One surprise among the most expensive states is Montana, according to Huddleston, where an influx of residents who work on the oil fields has led to a housing shortage.

10 states where $300K buys the most

Rank and state

Median list price per sq. ft.

Total sq. ft. for $300K

1. West Virginia

$89.62

3,347

2. Mississippi

$91.17

3,290

3. Arkansas

$93.41

3,212

4. Indiana

$96.35

3,114

5. Alabama

$96.68

3,103

6. Ohio

$97.08

3,090

7. Oklahoma

$99.21

3,024

8. Kentucky

$105.80

2,836

9. Kansas

$105.94

2,832

10. Missouri

$106.67

2,812

Source: GOBankingRates

Those who work in expensive areas like the District of Columbia might want to consider commuting from areas of West Virginia that are within driving distance to the metro area, Huddleston said.

Another alternative to save money may be to live in a low-cost location and work remotely.

Barring those options, you can always take note of the low-cost locations for your golden years.

"Perhaps it's not in the cards for you now while you're working, but in retirement moving might be an option," Huddleston said.